摘要：The quality of mortgage loans had been deteriorating since 2001, when interest
rates were consistently below 3 per cent for several years. Housing prices dropped
substantially since their high in 2006. This article examines the current credit
crisis against the background of recent financial meltdowns in wealthy and
emerging markets. We argue that securitisation involves various tensions between
market participants and is based on several different criteria that gauge liquidity
and creditworthiness. Most often, liquidity and credit enhancement are part of the
deal. The problems in the subprime market led directly to the Fed Rescue, in
which it guaranteed $30 billion, although Fed's authority over investment banks
is murky. The United States had been experiencing subprime crisis, and that
affect EU ’s policies on interest rates and exchange rates. The situation also
influence Romanian creditors to study more closely a borrower's capability to pay
the loan. The possible implications of the U.S. subprime crisis on EU's public
equities, hot money, domestic credit, and exports are discussed in the following
article.
关键词：Key words:subprime crisis, subprime loans, Federal Reserves, The European
Central Bank
